RECORD SETTING PRICE ACHIEVED FOR SOUTHSIDE ATLANTA RETAIL CENTER
CHALLENGE:
Individual entrepreneurial owner decided to exit
from a retail center he built 10 years ago and had
managed personally since then. Much of the
success of the center was attributable to the
personal relationships between the owner and his
tenants which compensated for a sub-institutional level record keeping and documentation. Also, during the due diligence period, two tenants surprised all and vacated, compromising the deal that was initially bargained for.
7.5% CAP RATE
$610,000,000 SALES PRICE
$250 PER SF
HIGHEST VALUE LOWEST CAP RATE ON THE SOUTHSIDE IN LAST FIVE YEARS (according to CoStar)
CLIENT TESTIMONIAL:
Ben successfully sold one of my babies for me — a big retail center that I built and managed myself for over 10 years. Not only did he get top-of-market price, but he also navigated several unexpected hiccups along the way to protect the price and the deal when I lost two tenants halfway through. His experience, knowledge, and skills really kept the deal together and got us across the finish line. Ben was particularly skillful in bridging the gap between my ‘mom & pop tenants’—used to the “way we do things here”—and the expectations of the international purchaser who was willing to pay top dollar. He gave me good and honest advice, even when it wasn’t something that would speedily get the deal closed… he really kept my best interest at the forefront! That’s what I appreciate more than anything else. I would definitely use Ben again to sell other properties.
– David Pearson
RESULT:
Ben worked diligently with the owner to prepare substantiation and documentation to meet the
expectations of the top-paying segment of the market and secured a sophisticated international
purchaser. When two tenants vacated during due diligence, Ben negotiated a mutually acceptable
arrangement to secure the lost income and provide a structure for re-tenanting that protected the deal and the purchase price.
